MicroStrategy, the business intelligence firm turned Bitcoin giant, is back in the headlines—this time, not for another massive BTC purchase, but for something potentially bigger: a seat in the S&P 500.

From Software to Bitcoin Titan

Over the past few years, MicroStrategy has transformed into a de facto Bitcoin holding company, thanks largely to its executive chairman, Michael Saylor. Under his leadership, the company has acquired over 200,000 BTC, riding the crypto market to a jaw-dropping market valuation.

As of May 28, 2025, MicroStrategy boasts a market cap of around $99.6 billion—well above the $20.5 billion threshold required for S&P 500 inclusion.

But It’s Not Just About Market Cap

While the market cap clears the bar easily, the S&P 500 has several other strict requirements:

• The company must have positive earnings in the most recent quarter and across the past four quarters combined.

• It must be publicly listed on a major U.S. exchange.

• It needs adequate trading volume and public float.

And here’s where things get tricky.

Despite its explosive valuation, MicroStrategy posted a net income loss of $671 million in Q4 2024. According to analysts, the firm would need to post roughly $1.1 billion in profit for Q1 2025 to meet the earnings requirement—a steep challenge unless Bitcoin continues soaring.

Michael Saylor: Always Bullish

Michael Saylor isn’t shy about the company’s performance. “MicroStrategy outperformed all 500 of the S&P 500 companies over the last four years, including Nvidia,” he recently stated. “We’re up a thousand percent.”

He hasn’t made an official statement about joining the S&P 500, but his comments reflect growing confidence—and perhaps a subtle campaign to build momentum.

What’s Next?

There’s no formal announcement from S&P Dow Jones Indices about including MicroStrategy. But many are watching the company closely as we approach the next rebalancing period, when index changes are often made.

If MicroStrategy can deliver strong Q1 numbers and sustain its massive valuation, S&P 500 inclusion could be on the horizon—a major milestone that would further legitimize Bitcoin’s role in the modern financial ecosystem.